Rock Memorabilia Auction Rules - Backstage Auctions, Inc.

BEFORE THE AUCTION STARTS

Please Note: Items marked with "*" have been updated January 1, 2018.

Register: You must be registered to bid. Registration is simple and easy to do. You only need to register once to receive your Backstage Pass for all auctions hosted on our site. See Privacy Policy. Some users have experience difficulty in receiving their registration email with their log in credentials. Please check your "spam or junk" mail folder first and if it's not there give us a call and we can assist you.

Auction Rules: Please review the auction rules. It is important that you understand how it all works with regards to bidding, payment, buyers premium, shipping, etc.

Conditions of Sale: Read and accept our Conditions of Sale policy found on our policy page.

*Auction Preview: Start browsing the auction preview which is located in the "Auction" section. You will be able to view the full details of each auction lot prior to the auction starting. Feel free to browse and track items of interest, but remember in order to bid when the auction starts, you must be registered and signed in to place your bids. When it comes to printing catalogs we have chosen to go GREEN, however we do produce an abbreviated reference auction catalog in an electronic form that can be downloaded directly from our site.

*Grading: Grading is based on physical examination and evaluation of an item. These are opinions only and we are happy to answer specific questions about any auction item. Grading of an item is based upon our evaluation only and is not a qualified expert opinion or waranty. Each item is sold "as is." All dimensions in descriptions are approximate. We recommend that all inquiries be made prior to placing a bid. We use the following terminology:

M = Mint: As new showing no wear what so ever
NM = Near Mint: Slight imperfections
EX = Excellent: Slightly visible imperfections
VG = Very Good: Visible imperfections
G = Good: Shows obvious signs of age and use
F = Fair: Significant signs of age and use

Ask Questions: We will be happy to give detailed information by telephone, fax or email for any item lot listed in our auctions, including providing shipping estimates. Please ask any questions as early as possible. Once the auction begins we can not guarantee a "quick and timely" response.

Emails and Notifications: Depending on your email service and personal settings, our emails may be tagged as junk or spam. You can always access your bidding activity, order information, payment instructions, order status, shipping tracking number, etc. online in your VIP account. If you are not receiving any emails regarding your bidding activity or order please contact us by phone or email.

DURING THE AUCTION

Place your bid: Assuming you are registered, you may bid online, by phone or fax. Phone or fax bidders must have a pre-arranged agreement. Regardless of bid method all bidders are bound by conditions of sale as stated in our policy section. Placement of a bid in any auction constitutes acceptance of our policies.

Minimum bids: Each item is listed with a minimum opening bid. We believe that what you see is what you get; there are NO RESERVES.

*Maximum bids: This is the absolute maximum you are willing to pay for an item. Our auctions use a proxy bid system which is similar to other auction sites. For example, you are willing to bid up to $5,000 on an item that has a starting bid price of $2,500. If no one else bids, you will win the item for $2,500. If someone else were to bid $3,000 on the item, you would still be the high bidder, now at $3,300 ($3,000 plus 10%). If you are not outbid, you will win the lot for the lowest possible bid, even if your maximum is higher. Maximum bids are kept confidential. Maximum bid not high enough? You can also increase your maximum bid that you already have set in place if necessary.

Absentee bids: We are happy to bid on your behalf. You must make arrangements prior to the start of the auction.

Proxy bids: Items with a current list price of less than $100.00 will have an automatic bid increment of $10.00. Items with a current list price of more than $100.00 will have an automatic bid increment of 10% of the current bid price (unless otherwise stated). We will attempt to execute an absentee bid at the lowest possible price. On occasion these increments may change, the exact number will be displayed in the bid box prior to placing a bid. If you have questions relating to the process, please contact us.

Bid Confirmation: You will receive an on-screen confirmation for each bid that you place.

Outbid Notification: You will receive an automatic electronic email notification if you have been outbid on any item.

Emails and Notifications: Depending on your email service and personal settings, our emails may be tagged as junk or spam. You can always access your bidding activity, order information, payment instructions, order status, shipping tracking number, etc. online in your VIP account. If you are not receiving any emails regarding your bidding activity or order please contact us by phone or email.

Call Back Confirmation and Notification: This service is for the fax, phone and/or absentee bidders only.

Consignor Bids: STRICTLY NOT ALLOWED. Consignors or relatives of consignors are not allowed to bid on their own lot/auction items. Penalties will apply for the early withdrawal or cancellation of their own lots. Initial auction results will be mailed to consignors within 48 hours of the auction close.

Recorded Material, Photos, Negatives & Slides: We will NOT accept returns on any recorded material, photographs, negatives or slides. Please ask questions prior to placing your bid. ALL SALES ARE FINAL.

AFTER THE AUCTION ENDS

Please Note: Items marked with "*" have been updated January 1, 2018.

Auction End: At the designated official auction end time our system will begin a 10 minute countdown for a hard close. What this means is that the auction will remain open (even after the official end time) for periods of 10 minutes until such time no additional online, phone or fax bids are placed on any single item.

If an auction is scheduled to begin the close process at 2:00 PM EST our software will automatically begin the countdown at the specified time and the auction will continue to remain OPEN until there is no longer bidding activity ON ANY AUCTION LOT. All lots will remain open.

EXAMPLE: If a bidder places a bid at 2:25 PM EST then the system clock will reset the close and start counting down again for another 10 minutes for the ENTIRE auction and not just that individual auction LOT. If there are no additional bids placed between 2:25 PM – 2:35 PM the entire auction will end at 2:15 PM EST. However, if a different bidder places a bid on another item during that time, then the system clock will reset the close and start counting down again for another 10 minutes for the ENTIRE auction and not just that individual auction LOT.

Our experience has been that an auction will continue to stay OPEN several hours beyond the start of the close process. On average our previous auctions have remained open until 5 hours beyond 2:00 PM EST.

During the countdown close phase, if you are bidding on an item but were outbid and decided that you have reached the maximum you are willing to pay on that particular item can you still place a bid on another item? YES! You can...simply place your new bid during the 10 minute countdown on any new item, even if you haven't previously bid on that item before! How great is that!

If you want to eliminate the stress factor all together, simply place your absolute maximum bid on items that you simply can’t live without. Please note that after placing your maximum bid, you can increase your maximum bid if necessary at any time during the auction.

This auction close process eliminates the fear of being outbid by a last second bidders and gives everyone an opportunity to place their final bid. All is fair in love and rock and roll…good luck!

Hammer Price: Final sales price of an auction lot.

*Buyers Premium: Fee added to each winning bid on an auction lot, equal to or not to exceed twenty percent (20%).

Winner Notification: You will be personally notified via email after the auction ends on each and every item for which you are the winning bidder. We will be working hard to process invoices in the days following the auction. This notification is not your invoice, this is simply a notification of sale. If you do not receive a notification and believe you won items in the auction, please call us during business hours.

Invoice: You will receive an invoice for your item(s) which will include the cost of each item, the buyer's premium, shipping and handling cost, and sales tax if applicable. You can also print a copy of your final invoice, which will be posted in your online account once the invoices are posted. Invoices will be sent within 72 hours after the close of the auction. It is the buyer's responsibility to notify Backstage Auctions of any changes to their account information including the billing and/or shipping address, contact details - directly by email or by phone. Changes made online after an invoice is sent out or communicated through any Payment system, will not update any current invoice. Please contact us immediately when receiving your invoice if the information is incorrect.

Emails and Notifications: Depending on your email service and personal settings, our emails may be tagged as junk or spam. You can always access your order information, payment instructions, order status, shipping tracking number, etc. online in your VIP account. If you are not receiving any emails regarding your order please contact us immediately by phone or email.

Managing your Account: Once you have received your final invoice, you can log into to your account to view your order, the status of your order and print the Backstage Auctions Invoice.

*Buyer's Premium (Updated): There will be a buyer's premium added to each winning bid on an auction lot. The PREMIUM retained by us and payable by the purchaser EQUAL TO OR NOT TO EXCEED twenty percent (20%) of the hammer price. A winning bid is a contractual obligation and cannot be withdrawn. See Conditions of Sale Policy.

*Shipping Costs: Lots are shipped within 48 hours of receipt of cleared funds. Shipping charges reflect professional packing service, materials, shipping cost, full insurance, tracking services and signature required delivery for all items won and purchased. We DO NOT use a third party packing service, we pack and ship all items in house which saves the buyer money AND eliminates the burden on the buyer to coordinating their own shipping. Items that are defined over sized by the shipping industry (larger than a 12 x 12 x 1 box) or oddly shaped will have a higher shipping rate from the carrier because of the dimensions, as the shipping rate will be determined using a dimensional weight (size & weight). Because of insurance requirements, we will only ship through commercial carriers. WE DO NOT SHIP ANY ITEMS WITHIN THE UNITED STATES USING THE USPS (UNITED STATES POSTAL SERVICE). Items may be collected in person with prior approval and payment must be received and cleared prior to picking up the purchase. In the event that a parcel requires special handling or transporting to a different location for the purposes of packing and or shipping will carry a handling fee of $50.00, which covers the cost of transport as well as fees and insurance.

International Shipping Costs: We do not ship any international orders using the USPS FIRST CLASS Mail service. ALL ITEMS ARE SHIPPED EITHER PRIORITY OR EXPRESS WITH TRACKING AND SIGNATURE - NO EXCEPTIONS. If the parcel exceeds the USPS size or weight maximum then the parcel will be shipped via FEDEX. Orders exceeding $250.00 USD will be shipped via FEDEX INTERNATIONAL. The USPS no longer offers an "surface or economy" shipping service that provides tracking and delivery confirmation to international locations. We recognize that most countries still provide a economy (non air) service - but the USPS has eliminated this service for packages shipped from the US. All items shipped to international locations must use a service that provides electronic tracking and delivery services if payment is made by any form of electronic payment, ie. Paypal, Bank Wire.

Value Declaration / Customs / Foreign Duty & Taxes: International orders will be declared at the full invoice amount, with NO exceptions. By law we are required to declare the full value of the purchase amount and file export documentation. It's illegal to falsify customs declarations or mark an item as a "gift" in order to avoid customs fees. Import duties, taxes, and charges are not included in the item price or shipping cost. These charges are the buyer's responsibility. Please check with your country's customs office to determine what these additional costs will be prior to bidding or buying. If a package is returned to us because of failure to collect parcel or pay import duty/tax, no refund will be given.

*Export: Items sold at auction may be subject to laws governing export from the United States and import restrictions of foreign countries. You are responsible for familiarizing yourself with relevant customs regulations prior to bidding and for securing all required export or import licenses in the event you request than an item be shipped outside of the United States. The denial of any license or any delay in obtaining licenses shall neither justify the rescission of any sale nor delay nor making full payment for the lot.

*Minimum Shipping Cost and Box Charge: Each order carries a minimum shipping charge of $15.00 and a minimum $5.00 handling charge per box in the order. If the parcel is classified to be over sized by the common shipping carrier the minimum handling charge will be applied at a rate of $15.00 per over sized box used in packaging the order.

Shipping Address: It is the buyer's responsibility to notify Backstage Auctions of any changes to their account information including the billing and/or shipping address, contact details - directly by email or by phone. Changes made online after an invoice is sent out or communicated through any Payment system, will not update any current invoice. Please contact us immediately when receiving your invoice if the information is incorrect, so that we can update your information for accurate shipping.

Sales Tax: Backstage Auctions, Inc. shall collect 8.25% sales tax for any items delivered in Texas. Texas bidders who claim tax exempt status from the sale or use tax charges must deliver a properly executed exemption certificate before the auction. Bidders agree to indemnify and hold harmless Backstage Auctions, Inc. from any such tax and liability.

*Payment Methods: Money Orders, Wire Transfers (fee's may apply), PayPal*(see limit below) or Cashier's Checks. Absolutely NO Cash Payments or Western Union payments will be accepted. Business or personal checks will be accepted but will require pre-approval and will require a clearing period before an order is shipped. In the event that a check is returned, the buyer is responsible for all fees associated with the returned check. Unless prior arrangements are made, all invoices must be paid within 7 days. No special arrangements are available without the PRIOR approval of our credit department. Orders that are not paid within 7 days will be subject to late fees, storage fees and collection process.

*Paypal Limits: Invoices not exceeding $1,000.00 may be paid with a confirmed Paypal account. We are required to ship to the address listed on the Paypal payment, this is a Paypal requirement. If your shipping address is different, please notify us immediately.

*Bank Wire Transfers: A fee of $15.00 USD will be applied to all domestic wire payments and a fee of $30.00 USD will be applied to all international wire payments.

Payment Received: We will ship your item(s) once funds have cleared. You will receive an electronic confirmation along with the shipping tracking number when we ship your item. If you do not receive a payment confirmation email, you can log into your VIP account and check the status or call us during regular business hours.

*Documents: We guarantee the authenticity of each item we sale. On occasion and if our client has made available, you will receive a Certificate of Authenticity signed by the musician or industry professional for each auction lot. Please note that there may be auction lots that contain items where a COA is not applicable, necessary or available. Please note that only one certificate is issued for each auction lot and replacements will not be issued.

Returns: ALL SALES ARE FINAL AND NO RETURNS ARE ACCEPTED. Bidders are encouraged to ask questions prior to bidding. All items are sold as described and "AS IS" with no representation or warranty of any kind. We recognize that sometimes there are rare instances in which a refund is appropriate. A restocking fee of 25% of the total invoice will be charged and the buyers premiums will not be refunded. Please ask questions prior to placing a bid or making a purchase. ABSOLUTELY NO RETURNS ON ANY ITEM THAT CAN BE REPRODUCED - FOR EXAMPLE: RECORDED MATERIAL OF ANY KIND, PHOTOGRAPHIC SLIDES, NEGATIVES, PHOTOS, ARTWORK.

Disputes, Rights and Disclaimers: See Policies.

CONDITIONS OF SALE

The following Conditions of Sale, as amended by any posted notices or verbal announcements during the sale, constitute the entire terms and conditions on which property listed in the Backstage Auctions, Inc. ("Backstage") Web Site shall be offered for sale or sold by Backstage and any consignor of such property for whom we act as agent. As used herein, "Backstage," "we" and "us" refer to Backstage Auctions, Inc.

1. As used herein, the term "hammer price" means the price at which a lot is successfully knocked down to the purchaser. The term "purchase price" means the aggregate of (a) the hammer price, (b) a PREMIUM retained by us and payable by the purchaser EQUAL TO OR NOT TO EXCEED twenty percent (20%) of the hammer price, and (c) unless the purchaser is exempt by law from the payment thereof, any Texas or other state or local sales tax (or compensating use tax) and other applicable taxes.

2. On the fall of the auctioneer's hammer, the highest bidder shall have purchased the offered lot in accordance with all of the conditions set forth herein and (a) assumes full risk and responsibility therefore, (b) if requested will sign a confirmation of purchase, and (c) will pay the purchase price in full or such part as we may require for all lots purchased. No lot may be transferred. Unless otherwise agreed, payment in good funds is due and payable within ten (7) business days of the auction sale. Whenever the purchaser pays only a part of the total purchase price for one or more lots purchased, we may apply such payments, in our sole discretion, to the lot or lots we choose. Payment will not be deemed made in full until we have collected good funds for all amounts due. Payment for purchases may be made in or by (a) cashiers check or money order, (b) business check with approved credit and (c) wire transfer. (d) Paypal (some restrictions may apply). A $25.00 fee will be assessed on any returned checks. The purchaser grants us a security interest in the property, and we may retain as collateral security for the purchaser's obligations to us, any property and all monies held or received by us for the account of the purchaser, in our possession. We retain all rights of a secured party under the Texas Uniform Commercial Code. You wave any rights of offset you may otherwise have against us. If the foregoing conditions or any other applicable conditions herein are not complied with, in addition to other remedies available to us and the consignor by law, including without limitation, the right to hold the purchaser liable for the purchase price, we at our option may either (a) cancel the sale, retaining as liquidated damages all payments made by the purchaser or (b) resell the property, either publicly or privately, and in such event the purchaser shall be liable for the payment of any deficiency plus all costs and expenses of both sales, our commission at our standard rates, all other charges due hereunder, attorneys' fees and incidental damages. If all fees, commissions, premiums, bid price and other sums due to us from the purchaser are not paid promptly as provided in these Conditions of Sale, we reserve the right to impose a finance charge equal to 1.5% per month on all amounts due to us beginning on the 31st day following the sale until payment is received, in addition to other remedies available to us by law.

3. We reserve the right to withdraw any property at any time before the actual sale. Unless otherwise announced by the auctioneer at the time of sale, all bids are per lot as numbered in the catalog and no lot shall be divided for sale.

4. We reserve the right to reject a bid from any bidder. In the event of any dispute between bidders, or in the event the auctioneer doubts the validity of any bid, the auctioneer shall have sole and final discretion either to determine the successful bidder or to re-offer and resell the article in dispute. If any dispute arises after the sale, our sales records shall be conclusive in all respects.

5. If we are prevented by fire, theft or any other reason whatsoever from delivering any property to the purchaser or a sale otherwise cannot be completed, our liability shall be limited to the sum actually paid therefore by the purchaser and shall in no event include any incidental or consequential damages.

6. If a lot is offered subject to a reserve, we may implement such reserve by bidding on behalf of the consignor, whether by opening bidding or continuing bidding in response to other bidders until reaching the reserve. If we have an interest in an offered lot and the proceeds thereof, other than our commissions, we may bid therefore to protect such interest. CONSIGNORS ARE NOT ALLOWED TO BID ON THEIR OWN ITEMS, EITHER DIRECTLY OR THROUGH AGENTS.

7. All statements contained in the Web Site (www.backstageauctions.com) or in any bill of sale, invoice, condition report or elsewhere as to authorship, period, culture, source, origin, measurement, quality, rarity, provenance, importance, exhibition and literature of historical relevance, or physical condition ARE QUALIFIED STATEMENTS OF OPINION AND NOT REPRESENTATIONS OR WARRANTIES. No employee or agent of Backstage is authorized to make on our behalf or on that of the consignor any representation or warranty, oral or written, with respect to any property.

8. All purchased property shall be removed from the premises at which Backstage stores such purchased property by the date(s) and time(s) set forth in the Web Site. Purchased property that is permitted to remain onsite at Backstage's facility should be removed at the purchaser's expense not later than 5:00 p.m. Central Time ten (10) business days following the date of the sale. If not so removed, a storage fee of $5.00 per lot per day may, at Backstage's election, be payable to us by the purchaser beginning at the close of the 21st day following the sale, and we may thereafter transfer such property to a warehouse at the purchaser's risk and expense. Accounts must be settled in full before property will be released. Commencing (10) business days following the date of sale or earlier if payment in full is received and the purchaser's property is shipped, all risk of loss and damage for the purchased property passes to the purchaser.

9. The copyright in the content of the Web Site and the photographs, digital images and illustrations of lots in the Web Site belong to Backstage or its licensors. You will not reproduce or permit anyone else to reproduce such text, photographs, digital images or illustrations without our prior written consent.

10. These Conditions of Sale shall bind the successors and assigns of all bidders and purchasers and inure to the benefit of our successors and assigns. No waiver, amendment or modification of the terms hereof (other than posted notices or oral announcements during the sale) shall bind us unless specifically stated in writing and signed by us. If any part of these Conditions of Sale is for any reason invalid or unenforceable, the rest shall remain valid and enforceable.

11. These Conditions of Sale and the purchaser's and our respective rights and obligations hereunder are governed by the laws of the State of Texas. By bidding at an auction, each purchaser and bidder agrees to be bound by these Conditions of Sale. Any dispute, controversy or claim arising out of or relating to this agreement, or the breach, termination or validity thereof, brought by or against Backstage (but not including claims brought against the consignor by the purchaser of lots consigned hereunder) shall be resolved by the procedures set forth below.

Mediation and Arbitration Procedures

(a) Within 30 days of written notice that there is a dispute, the parties or their authorized and empowered representatives may meet to mediate their differences. If the parties agree, a mutually acceptable mediator shall be selected and the parties will equally share such mediator's fees. The mediator shall be an attorney trained in mediation techniques and familiar with commercial law and the Texas Uniform Commercial Code (UCC). Any statements made during the mediation process shall not be admissible in any subsequent arbitration or judicial proceeding. The proceedings and any resolution shall be confidential and the terms governing arbitration set forth in paragraph (c) below shall govern.

(b) If mediation does not resolve the dispute, or in any event no longer than 60 days after receipt of written notice referred to above, the parties shall submit the dispute for binding arbitration before a single neutral arbitrator selected from the panel of Arbitrators provided by the American Arbitration Association (AAA). If within 15 days the parties cannot agree on an arbitrator, then AAA shall select one person as arbitrator in accord with AAA rules. The arbitrator shall be an attorney, experienced in commercial law and with the UCC. The arbitrator shall be required to follow the law in making his award, which shall be in writing and set forth findings of fact and legal conclusions.

(c) Unless otherwise agreed to by the parties, (i) the arbitration shall occur within 60 days of the selection of the arbitrator in Houston, Harris County, Texas ; and (ii) discovery and the procedure for the arbitration shall follow the procedures and policies of AAA governing commercial arbitrations, subject to the following modifications:
(1) All arbitration proceedings shall be confidential;
(2) The parties shall attempt to agree on the issues to be arbitrated, in writing no later than 45 days prior to arbitration;
(3) Discovery, if any, shall be limited as follows: (A) Requests for no more than 10 categories of documents, to be provided to the requesting party within 14 days of written request therefore; (B) No more than two (2) depositions per party, provided however, the deposition(s) are to be completed within one (1) day; and (C) Compliance with the above shall be enforced by the arbitrator in accordance with Texas law;
(4) Each party shall have no longer than eight (8) hours to present its position. The entire hearing before the arbitrator shall not take longer than three (3) consecutive days.

The award shall be made in writing no more than 30 days following the end of the proceeding. Judgment upon the award rendered by the arbitrator may be entered by any court having jurisdiction thereof. Each party shall bear its own attorneys' fees and costs in connection with the proceedings and shall share equally the fees and expenses of the arbitrator.

Limited Right of Rescission

If within six (6) months from the date of sale, the original purchaser (a) gives written notice to us alleging that the identification of Authorship (as defined below) of such lot as set forth in the Web Site description of such lot (as amended by any posted notices or verbal announcements during the sale) is not substantially correct based on a fair reading, and (b) within 10 days after such notice returns the lot to us in the same condition as at the time of sale, and (c) establishes the allegation in the notice to our satisfaction, then the sale of such lot will be rescinded and, unless we have already paid to the consignor monies owed him in connection with the sale, the original purchase price will be refunded.

If, prior to receiving such notice from the original purchaser alleging such defect, we have paid the consignor monies owed him in connection with the sale, we shall pay the original purchaser the amount of our commissions, any other sale proceeds to which we are entitled and applicable taxes received from the purchaser on the sale and make demand on the consignor to pay the balance of the original purchase price to the original purchaser. Should the consignor fail to pay such amount promptly, we shall disclose the identity of the consignor and assign to the original purchaser our rights against the consignor with respect to the lot the sale of which is sought to be rescinded. Upon such disclosure and assignment, any liability of Backstage as consignor's agent with respect to said lot shall automatically terminate.

The foregoing limited right of rescission is available to the original purchaser only and may not be assigned to or relied upon by any subsequent transferee of the property sold. The purchaser hereby accepts the benefit of the consignor's warranty of title and other representations and warranties made by the consignor for the purchaser's benefit.

Nothing in this section shall be construed as an admission by us of any representation of fact, express or implied, obligation or responsibility with respect to any lot. THE PURCHASER'S SOLE AND EXCLUSIVE REMEDY AGAINST BACKSTAGE FOR ANY REASON WHATSOEVER IS THE LIMITED RIGHT OF RESCISSION DESCRIBED IN THIS SECTION.

The purchaser shall not,under any circumstance, have the right to rescind a sale or receive a full or partial refund due to the purchaser's belief that a particular item is not as described in the auction materials other than the limited right of rescission, if applicable, set forth herein.

"Authorship" means only the identity of the creator, the period, culture and source or origin of the lot, as the case may be, as set forth in the Web Site. The right of rescission does not extend to titles, descriptions, or other identification of offered lots.

Limitation of Liability

EXCEPT AS EXPRESSLY PROVIDED ABOVE, ALL PROPERTY IS SOLD "AS IS" AND NO PURCHASER SHALL HAVE ANY RIGHT OF FULL OR PARTIAL REFUND. NEITHER BACKSTAGE NOR THE CONSIGNOR MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO THE TITLE, MERCHANTABILITY, FITNESS OR CONDITION OF THE PROPERTY OR AS TO THE CORRECTNESS OF DESCRIPTION, GENUINENESS, ATTRIBUTION, PROVENANCE OR PERIOD OF THE PROPERTY OR AS TO WHETHER THE PURCHASER ACQUIRES ANY COPYRIGHTS OR OTHER INTELLECTUAL PROPERTY RIGHTS IN LOTS SOLD OR AS TO WHETHER A WORK OF ART IS SUBJECT TO THE ARTIST'S MORAL RIGHTS OR OTHER RESIDUAL RIGHTS OF THE ARTIST. THE PURCHASER EXPRESSLY ACKNOWLEDGES AND AGREES THAT IN NO EVENT SHALL BACKSTAGE OR THE CONSIGNOR BE LIABLE FOR ANY DAMAGES INCLUDING, WITHOUT LIMITATION, ANY COMPENSATORY, INCIDENTAL OR CONSEQUENTIAL DAMAGES.